Publications tagged with : Development
The BRICS Development Bank is a major opportunity for the non-Western world to move away from the Bretton Woods and Washington Consensus, writes Fung Global Institute Guest Contributor Mukul Sanwal. The Bank will be a benchmark for the five member states and a chance for them to establish their own development models.
A major event bringing together some of the world’s leading economic thinkers to discuss some of the most pressing global issues was held in Hong Kong from 4 to 6 April. The conference called, ‘Changing of the Guard,’ was hosted by the Institute for New Economic Thinking (INET), in conjunction with the Fung Global Institute and the Centre for International Governance Innovation. Please click on the links below to see some of the recorded sessions.
A major event bringing together some of the world’s leading economic thinkers to discuss the most pressing global issues of our time has ended in Hong Kong. The conference called, ‘Changing of the Guard,’ was hosted by The Institute for New Economic Thinking (INET), in conjunction with the Fung Global Institute and the Centre for International Governance Innovation. Executive Director of INET, Rob Johnson, and Founding Chairman of the Fung Global Institute, Victor K. Fung, launched the three-day event with a call for fresh thinking on old ideas.
By many accounts, Asia has done very well in the past three decades: its major economies have achieved unprecedented economic growth that has underwritten progress in poverty alleviation, job creation, and trade. And the story may be just beginning. Asia accounts for close to 50 per cent of recent global growth, and by 2050 may comprise well over 50 per cent of global GDP. These trends are both driven by, and fuelling, the rise of Asia’s middle class as a key force in global consumption. By mid-century, Asia will house over 60 per cent of the global middle class.
The Millennium Development Goals helped concentrate global efforts to alleviate poverty. As their expiration in 2015 approaches, Fung Global Institute Senior Fellow John McArthur looks back at what the goals have achieved and what the next steps could be.
The Asia-Pacific region has seen dramatic growth since 2000. Despite the fact that many countries in the region have achieved middle-income status the region is still home to two-thirds of the world’s poor. Asia has achieved some success in the Millennium Development Goal (MDG) targets for 2015 like income, water, health and education, but moving forward the region needs a common framework to meet its unique development challenges.
The middle income trap is a critical stage of a country’s progression from poor to prosperous nation. As Fung Global Institute’s Research Manager Tong Yee Siong writes, making that leap is not simply a matter of prescribing technical solutions, but political and institutional ones that begin with a change of mindset.
Editor's note: Emerging markets all over the world are playing an increasingly important role in the global economy. But managing growth of these economies is not as straightforward as it may have been with advanced countries. How to study emerging markets in Asia and elsewhere so that change and uncertainty can be managed effectively? Andrew Sheng thinks that the New Institutional Economics (NIE) model may offer insights.
Editor’s note: The progress made by manufacturers in China over the last 30 years has been startling. China has moved from a producer which relied on low-wage labour to an innovative powerhouse which draws on home-grown skills and knowledge. China’s new five-year plan has vowed to build on that progress, using sustainable development as its framework. Quality has won over quantity. Now China’s challenge to implement this new model is a must-watch over the next few years.
Editor’s note: The true significance of the recent Rio+20 conference on sustainable development lies not in the outcome document, which modifies certain provisions of the 1992 Rio Declaration, but in the new direction the gathering has provided [more] to global governance, says guest contributor Mukul Sanwal, who represented India at the first Rio “Earth Summit”.